BloombergNEF (BNEF) predicts that solar PV power installations will reach nearly 600 gigawatts (GW) in 2024, a 33% increase from 2023. China is leading the growth, with Europe trailing far behind. While this growth is positive, low module prices are putting pressure on solar manufacturers, with many reporting losses.
Solar power is constantly breaking new records. More solar power is being installed than energy other electricity source in the United States and several other markets, and the world as a whole. We thought solar power was seeing tremendous growth for several years, but last year it went through the roof, and this year — it’s going to go far above the roof.from BloombergNEF has total solar PV power installations reaching nearly 600 gigawatts this year — 592 GW is their target.
The only negative here is that the very low prices for solar modules are putting a lot of pressure on solar module companies. “Polysilicon prices have fallen to $4.7/kg. That is below production cost for nearly all manufacturers,” BNEF writes. “Firms are shutting down factories for maintenance, and we have reduced our estimate of 2024 polysilicon production to 1.96 million metric tons – still enough to make 900GW of modules.
“The module price decrease has been discussed earlier this year by the chairman of two of China’s largest PV manufacturers, Trina Solar and JinkoSolar,”, is up slightly from the previous quarterly report. BNEF notes that developments in India and Pakistan led to the raised forecast, while slower than expected installations in Japan and South Africa countered that trend. The net effect was a 1% increase in the 2024 full-year forecast.
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